Uncle Sam Wants You . . . to Weigh In on Credit Card Reform

Washington Post
March 18, 2010
Singletary, Michelle
P. A14

The Federal Reserve is seeking consumer opinion about penalty and late fees imposed by credit card companies. The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 is being implemented in three phases, the last of which takes effect this summer. Among other provisions, credit card issuers will not be allowed to impose fees higher than the amount of the infraction, charge multiple fees on a single late payment or violation, or charge inactivity fees. To encourage the public to send comments to the Fed, the Consumers Union has created a template letter to which consumers need only add their personal experiences. The nonprofit publisher of Consumer Reports is calling for a cap that would stop banks from exploiting loopholes in the law to continue hitting customers with high fees. According to one consumer who used the template letter, "It is critical the board issue the strongest rules possible to protect consumers, since the banks continually come up with new ways to get around the consumer-protection laws. I urge you to give me the protections I was promised under the CARD Act, and issue the strongest rules possible."
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